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Author Question: Suppose domestic beef producers face demand of QD = 1000 - 5P. Suppose the Chinese acquire a taste ... (Read 92 times)

rachel9

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on: Jul 1, 2018
Suppose domestic beef producers face demand of QD = 1000 - 5P. Suppose the Chinese acquire a taste for U.S. beef such that their demand is QD = 500 - 5P. Market demand is now
 a. 1000 - 10P for all P
  b. 1500 - 10P for all P
  c. 1500 - 5P for all P
  d. 1000 - 5P for P > 100 and 1500 - 10P for P < 100

Question 2

Suppose domestic beef producers face demand of QD = 1000 - 5P. In the very short run 500 head of beef are produced. Suppose mad cow strikes a portion of the national herd and the amount brought to market falls to 400 . The price per head will rise by
 a. 10
  b. 30
  c. 30
  d. 50


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mohan

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Reply #1 on: Jul 1, 2018
Answer to Question 1

d

Answer to Question 2

b


rachel9

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

pangili4

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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